Avoiding Treasure Hunts
Most of my posts discuss how assets get distributed through an estate plan (or lack thereof). Today, I thought I’d cover something more practical but just as important: making sure your family can actually find and access your financial assets.
You can do quite a bit of sophisticated planning but it won’t go very far if your heirs don’t know where the actual assets are located. This is particularly true for financial assets such as investment accounts and life insurance policies. For example, I’m always impressed when clients bring in physical life insurance policy certificates or stock certificates from 1993. I’m impressed because we really don’t live in a hard copy world anymore. Everything is digital now. We have usernames and passwords coming out of our ears.
Using the Notes App on Your iPhone
So, what can you do to prevent a treasure hunt after your death? One easy option is a shared file in your iPhone’s Notes app. I share one with my wife that lists all of my life insurance policies and random investment accounts.
Here’s a quick step-by-step list on how you can do the same:
Open the Notes app on your iPhone and tap the New Note icon.
Title the note something unmistakable—e.g., “Bryan’s Dead, Now What?”
Use bold headings for each asset category: Investment Accounts, Retirement Plans, Life Insurance, etc. You might even consider including access to digital assets like Photo Album websites (e.g., Snapfish or Shutterfly).
Under each heading, list provider names, account numbers, and login hints (avoid raw passwords).
Include a “Paper Trail” section with locations of hard-copy documents (safe, safety deposit box).
Tap the Share button (square with arrow) and choose Add People.
Select your spouse or family member in Messages or Mail and grant Can Make Changes.
Send the invitation with a brief note: “Just in case!”
Is this safe?
I know what you’re thinking. But the Notes app keeps your shared information secure by using Apple’s iCloud infrastructure, which encrypts your note both in transit and while it’s stored on Apple’s servers. When you share a note, it’s protected with end-to-end encryption—only you and the people you’ve explicitly invited can read or edit it. Plus, you can even lock individual notes with a password, Touch ID, or Face ID, so even if someone gains access to your device, they can’t open your financial details without your approval.
Final Thought
Using the Notes app or something similar is certainly not a cure-all but it can ease the challenge of locating your financial and digital assets when the time comes. If you’re not a fan of the digital world, at least consider having a notebook or written list that provides the same information. Make sure the writing is in close proximity to your estate planning documents.
P.S. If you know someone who'd appreciate this—or someone who really should—feel free to forward it their way.